The cotton market see-sawed in a laborious up-on-the-day and down-on-the-day trade.
The market is in need of new motivating news. One such event may be Thursday’s weekly sales and exports report at 8:30 AM eastern.
As the 2017-18 season winds down to its July 31 conclusion, the trade will be watching whether USDA’s original export expectations will eventually be achieved. Currently, that business is running ahead of last year’s pace. However, there can be the rolling forward of unfulfilled business from one season to another. It all depends on the demand outlook; therefore, the forex pullback strategy is needed to raise the business.
For the 2018-19 season, it is hoped China will show up as a net buyer as opposed to cancelling any previous business.
Wednesday’s estimated volume was a meager 12,700 contracts